Florida’s governor Tuesday signed into law a bill that will require students to learn about finances and money in order to graduate from high school.
“Today, I think, is good, because what the bill’s doing with financial literacy is really providing a foundation for students that’s gonna be applicable in their lives regardless of what path they take,” Governor Ron DeSantis said. “I mean, if they go the university route, post-graduate, any of that, they’re still gonna need these skills. If they go right into the workforce, they’re still gonna need these skills. And so any different endeavor that you do to be able to be well-versed in financial literacy, that is gonna help you.”
DeSantis added, “We try to really work hard to provide students with the fullest education possible. We’re a state that believes in high standards, we want high economic achievement. We want to be able to provide a foundation for students to be able to go to university and do really well if that’s the choice that they make.”
He also noted that Florida’s schools have put an emphasis on teaching American civics.
The bill signing was hosted at Innovation Preparatory Academy in Pasco County.
DeSantis was joined by several state lawmakers and other officials who were responsible for writing and sponsoring the bill.
Florida Commissioner of Education Richard Corcoran was also in attendance.
According to SB 1054, “[e]ffective for students entering grade 9 in the 2022-2023 school year and thereafter, financial literacy standards must establish specific curricular content for, at a minimum, personal financial literacy and money management…”
The bill then lists several concepts that will be required to be taught in those personal financial literacy courses. The concepts include:
- Types of bank accounts offered
- How to balance a checkbook
- Debit and credit card management
- How to complete a loan application
- Receiving an inheritance
- Personal insurance basics
- How to do your taxes
- Lessons on local tax assessments
- Interest rates
- Simple contracts
- Ways to save and invest
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